Under the new partnership, Santander will provide the vehicle finance, with Fleet Financial providing all other aspects of a fleet management package.

The new agreement is intended to help Fleet Financial to secure additional contract hire funding for customers. The firm is Northern Ireland’s largest independent, privately owned contract hire and fleet management company and currently manages close to 4000 vehicles.

The partnership is also intended to help increase Santander’s presence in Northern Ireland. The firm provides a full relationship banking service through its team of experienced corporate specialists based at its Belfast Corporate Business Centre

Hilary Armstrong, relationship director of Santander’s Corporate Business Centre in Belfast, said: 'We are delighted to be partnering with Fleet Financial and strongly believe that our financial strength together with Fleet Financial’s specialist fleet service will prove very attractive to businesses. This agreement will benefit both brands and, most importantly, businesses in Northern Ireland. We look forward to further developing our relationship with Fleet Financial.'

Armstrong added: 'The fleet market is currently facing significant issues, with some of the larger leasing companies rationalising their operations and capital constraints hindering a number of smaller independent companies. Therefore I believe the timing of our new Contract Hire partnership with Fleet Financial could not be better.'